Pantheon Infrastructure Provides Calpine Update

Source: www.gulfoilandgas.com 1/13/2025, Location: Europe

Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global infrastructure fund, is pleased to announce an update in relation to its investment in Calpine Corporation ("Calpine").

Further to the announcement on 10 January 2025 by Constellation Energy Corporation ("Constellation"), a sale of Calpine has been agreed between Energy Capital Partners ("ECP") and Constellation, for a combination of cash (c.25%) and Constellation stock (c.75%), which will be subject to certain lock-up restrictions (the "Sale"). The Sale represents an equity valuation of Calpine of approximately $16.4 billion based on Constellation's 20-day volume-weighted average share price of $237.98 on 10 January 2025. The conclusion of the Sale remains subject to various regulatory clearances and approvals, which are expected to occur within 12 months.

The final quantum and timing of proceeds from the Sale for PINT remain subject to, amongst other factors; the timing of the Sale completion, any transaction costs and taxes, foreign exchange rates, any intervening distributions, any subsequent movements in the value of Constellation's stock, and any instruments or transactions the Company may undertake to hedge against such movements. However, assuming the equity valuation stated above is reflected in the Company's NAV at 31 December 2024 without any such adjustments, the Company would expect an increase in NAV attributable to the Sale of approximately 3 pence per share, or 2.6% of the NAV of 116.2 pence per share at 30 September 2024.

PINT invested in Calpine as part of a direct secondary transaction with ECP announced in June 2022. It remains one of the largest generators of electricity from natural gas and geothermal resources in the US, with operations across the CAISO (California), ERCOT (Texas), and PJM (13 states and the District of Columbia) power markets and current power generation capacity of 27 GW. The total amount invested was c.$54 million, or c.£46 million, and the Company used foreign exchange hedging instruments to mitigate against any material foreign exchange movements.

The Sale is expected to result in PINT's first realisation since IPO and represents a significant milestone in demonstrating the Company's investment strategy to invest, grow and exit investments benefitting from key infrastructure tailwinds. The Company intends to provide further details on the expected use of the Sale proceeds in due course.


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